Wednesday, May 12, 2021

WCT: Judicial panel upholds Dubai court decision in RM1.19b award

KUALA LUMPUR: WCT Holdings Bhd said the judicial committee has upheld the Dubai Court of Appeal’s decision to recognise the RM1.19bil award which Meydan Group LLC has to pay in the Nad Al Sheba Dubai Racecourse dispute.

In a filing with Bursa Malaysia on Wednesday, WCT said since the issuance of the final award, WCT Bhd (WCTB) had been pursuing the necessary legal proceedings for recognition and enforcement of the final award.

“The board of directors of WCT wishes to announce that WCTB had on Jan 12, received notification from its solicitors in Dubai that the Judicial Committee had issued its decision to uphold the Dubai Court of Appeal’s order dated April 30, 2019 (order) recognising the final award, dismissing Meydan’s challenge against the order as well as dismissing Meydan’s application to annul the final award.

“WCTB will continue to pursue its legal rights in respect of the final award including the enforcement of the same, ” it said.

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